Document



			Annual Report

			August 31, 2023

			Avantis® All Equity Markets ETF (AVGE)
			Avantis® All Equity Markets Value ETF (AVGV)
			Avantis® All International Markets Equity ETF (AVNM)
			Avantis® All International Markets Value ETF (AVNV)
			Avantis® Moderate Allocation ETF (AVMA)


Table of Contents


Chairman’s Letter			2
Avantis All Equity Markets ETF
Performance			3
Portfolio Commentary			4
Fund Characteristics			5
Avantis All Equity Markets Value ETF
Performance			6
Portfolio Commentary			7
Fund Characteristics			8
Avantis All International Markets Equity ETF
Performance			9
Portfolio Commentary			10
Fund Characteristics			11
Avantis All International Markets Value ETF
Performance			12
Portfolio Commentary			13
Fund Characteristics			14
Avantis Moderate Allocation ETF
Performance			15
Portfolio Commentary			16
Fund Characteristics			17
Shareholder Fee Examples			18
Schedules of Investments			20
Statements of Assets and Liabilities			25
Statements of Operations			28
Statements of Changes in Net Assets			31
Notes to Financial Statements			34
Financial Highlights			42
Report of Independent Registered Public Accounting Firm			47
Management			49
Approval of Management Agreements			51
Liquidity Risk Management Program			56

Additional Information			57

Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.


Chairman's Letter

Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended August 31, 2023. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit avantisinvestors.com.

Stocks Rebounded, Bonds Struggled

Asset class returns, particularly for U.S. and global stocks, improved dramatically compared with the previous fiscal year. The bounce back occurred despite ongoing volatility, rising interest rates and Fitch Ratings’ first-ever downgrade of U.S. debt.

Investor expectations for the Federal Reserve (Fed) to conclude its rate-hike campaign partly fueled the optimism. Inflation’s steady slowdown, mounting recession worries and a series of U.S. regional bank failures prompted investors to regularly recalibrate their monetary policy outlooks. However, with inflation still higher than central bank targets, the Fed and its developed markets peers continued to raise interest rates.

After pausing in June, the Fed resumed its tightening campaign in July, raising rates to a range of 5.25% to 5.5%, a 22-year high. Citing still-higher-than-target inflation and still-strong economic data, policymakers left their future policy options open. Inflation remained even higher in the eurozone and the U.K., prompting central bankers there to steadily raise interest rates. Government bond yields soared, including the benchmark 10-year Treasury yield, which surged to a 16-year high late in the period.

Despite the inflation and rate backdrops, better-than-expected corporate earnings helped the S&P 500 Index return 15.94% for the 12-month period. Non-U.S. developed markets stocks delivered modestly higher returns, while emerging markets stocks gained only 1.25%. Meanwhile, amid elevated inflation and sharply higher Treasury yields, most U.S. bond and other rate-sensitive sectors declined, though not as much as in the prior fiscal year. Exceptions included corporate and municipal bonds, which delivered modest gains.

Remaining Diligent in Uncertain Times

We expect market volatility to linger as investors navigate a complex environment of persistent inflation, tighter financial conditions, banking industry turbulence and recession risk. In addition, increasingly tense geopolitical considerations complicate the market backdrop.

We appreciate your confidence in us during these extraordinary times. American Century Investments has a long history of helping clients weather unpredictable and volatile markets, and we’re confident we will continue to meet today’s challenges.

Sincerely,

Jonathan Thomas

Chairman

Avantis Investors


Performance

Avantis All Equity Markets ETF (AVGE)

Total Returns as of August 31, 2023

Since Inception

Inception Date

Net Asset Value

24.04%

9/27/2022

Market Price

24.02%

9/27/2022

MSCI ACWI IMI Index

24.29%

—

Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc. Fund returns would have been lower if a portion of the fees had not been waived.


Growth of $10,000 Over Life of Fund
$10,000 investment made September 27, 2022


Value on August 31, 2023
			Net Asset Value — $12,404

			MSCI ACWI IMI Index — $12,429

Fund returns would have been lower if a portion of the fees had not been waived.

Total Annual Fund Operating Expenses

0.25%

The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong, Ted Randall and Matthew Dubin

Fund Strategy

Avantis All Equity Markets ETF is a fund of funds that seeks long-term capital appreciation by investing in other Avantis ETFs. These underlying funds represent a broadly diversified basket of equity securities and seek to overweight securities expected to have higher returns or better risk characteristics than a passive, market-capitalization weighted index.

Collectively, the underlying funds seek securities of companies that they expect to have higher returns. They place an enhanced emphasis on securities of companies with smaller market capitalizations and securities of companies with higher profitability and value characteristics. Conversely, the underlying funds collectively seek to underweight or exclude securities they expect to have lower returns. This includes securities of large companies with lower levels of profitability and higher prices relative to their book values or other financial metrics.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. Under normal market conditions, the fund will invest at least 80% of its assets in equity ETFs. The managers will strategically allocate to the underlying funds across geographies and investment styles to achieve the desired allocation. The U.S. versus non-U.S. allocations will be predicated on each region’s relative market capitalization with a home bias toward the U.S. The portfolio managers regularly review the fund’s allocations to determine whether rebalancing is appropriate. To better balance risks in changing market environments and control costs and tax realizations, the portfolio managers may modestly reallocate within asset class target ranges. This may occur when prevailing market conditions and relative performance of certain underlying strategies lead to deviations from the targets.

Performance Review

For the period from the fund’s inception on September 27, 2022, through August 31, 2023, Avantis All Equity Markets ETF returned 24.02%* on a market price basis. On a net asset value (NAV) basis, the fund returned 24.04%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund underperformed the total world stock market, as measured by the MSCI ACWI IMI Index, which returned 24.29% for the reporting period. The index is an unmanaged index generally representative of the performance of large-, mid- and small-cap stocks in developed and emerging markets.

The fund’s underperformance versus the index was largely due to the fund’s collective underweight versus the index in mega- and large-cap stocks, which generally outperformed their smaller peers.

*Total returns for periods less than one year are not annualized. Fund returns would have been lower if a portion of the fees had not been waived.


Fund Characteristics


AUGUST 31, 2023

Avantis All Equity Markets ETF
Types of Investments in Portfolio			% of net assets
Domestic Equity Funds			71.2%
International Equity Funds			28.7%
Short-Term Investments			0.1%
Other Assets and Liabilities			—(1)
(1) Category is less than 0.05% of total net assets.


Performance

Avantis All Equity Markets Value ETF (AVGV)

Total Returns as of August 31, 2023

Since Inception

Inception Date

Net Asset Value

3.89%

6/27/2023

Market Price

4.02%

6/27/2023

MSCI ACWI IMI Value Index

2.19%

—

Total Annual Fund Operating Expenses

0.28%


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong, Ted Randall and Matthew Dubin

Fund Strategy

Avantis All Equity Markets Value ETF is a fund of funds that seeks long-term capital appreciation by investing in other Avantis value ETFs. These underlying funds represent a broadly diversified basket of equity securities and seek to select or overweight securities expected to have higher returns or better risk characteristics than a passive, market-capitalization weighted index.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. Under normal market conditions, the fund will invest at least 80% of its assets in equity ETFs. The portfolio managers will strategically allocate to the underlying funds across geographies and investment styles to achieve the desired allocation. The U.S. versus non-U.S. allocations will be predicated on each region’s relative market capitalization within the total global equity market. The portfolio managers regularly review the fund’s allocations to determine whether rebalancing is appropriate. To better balance risks in changing market environments and control costs and tax realizations, the portfolio managers may modestly reallocate within asset class target ranges. This may occur when prevailing market conditions and relative performance of certain underlying strategies lead to deviations from the targets.

Performance Review

For the period from the fund’s inception on June 27, 2023, through August 31, 2023, Avantis All Equity Markets Value ETF returned 4.02%* on a market price basis. On a net asset value (NAV) basis, the fund returned 3.89%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund outperformed the total world value stock market, as measured by the MSCI ACWI IMI Value Index, which returned 2.19% for the reporting period. The index is an unmanaged index generally representative of the performance of large-, mid- and small-cap value stocks in developed and emerging markets.

The fund’s outperformance versus the index was largely due to the fund’s collective overweight versus the index in companies with the highest profitability and book-to-market characteristics, which outperformed. A corresponding underweight in companies with the lowest profitability and book-to-market characteristics, which underperformed, also aided relative results.

*Total returns for periods less than one year are not annualized. Fund returns would have been lower if a portion of the fees had not been waived.


Fund Characteristics


AUGUST 31, 2023

Avantis All Equity Markets Value ETF
Types of Investments in Portfolio			% of net assets
Domestic Equity Funds			60.6%
International Equity Funds			39.3%
Short-Term Investments			0.1%
Other Assets and Liabilities			—(1)
(1) Category is less than 0.05% of total net assets.


Performance

Avantis All International Markets Equity ETF (AVNM)

Total Returns as of August 31, 2023

Since Inception

Inception Date

Net Asset Value

1.50%

6/27/2023

Market Price

1.62%

6/27/2023

MSCI ACWI ex USA IMI Index

0.69%

—

Total Annual Fund Operating Expenses

0.33%


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong, Ted Randall and Matthew Dubin

Fund Strategy

Avantis All International Markets Equity ETF is a fund of funds that seeks long-term capital appreciation by investing in other Avantis non-U.S. ETFs. These underlying funds represent a broadly diversified basket of equity securities and seek to overweight securities expected to have higher returns or better risk characteristics than a passive, market-capitalization weighted index.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. Under normal market conditions, the fund will invest at least 80% of its assets in equity ETFs. The portfolio managers will strategically allocate to the underlying funds across geographies and investment styles to achieve the desired allocation. The portfolio managers regularly review the fund’s allocations to determine whether rebalancing is appropriate. To better balance risks in changing market environments and control costs and tax realizations, the portfolio managers may modestly reallocate within asset class target ranges. This may occur when prevailing market conditions and relative performance of certain underlying strategies lead to deviations from the targets.

Performance Review

For the period from the fund’s inception on June 27, 2023, through August 31, 2023, Avantis All International Markets Equity ETF returned 1.62%* on a market price basis. On a net asset value (NAV) basis, the fund returned 1.50%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund outperformed the total international stock market, as measured by the MSCI ACWI ex USA IMI Index, which returned 0.69% for the reporting period. The index is an unmanaged index generally representative of the performance of large-, mid- and small-cap value stocks in non-U.S. developed and emerging markets.

*Total returns for periods less than one year are not annualized. Fund returns would have been lower if a portion of the fees had not been waived.


Fund Characteristics


AUGUST 31, 2023

Avantis All International Markets Equity ETF
Types of Investments in Portfolio			% of net assets
International Equity Funds			99.9%
Short-Term Investments			0.1%
Other Assets and Liabilities			—(1)
(1) Category is less than 0.05% of total net assets.


Performance

Avantis All International Markets Value ETF (AVNV)

Total Returns as of August 31, 2023

Since Inception

Inception Date

Net Asset Value

2.26%

6/27/2023

Market Price

2.25%

6/27/2023

MSCI ACWI ex USA IMI Value Index

2.00%

—

Total Annual Fund Operating Expenses

0.36%


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong, Ted Randall and Matthew Dubin

Fund Strategy

Avantis All International Markets Value ETF is a fund of funds that seeks long-term capital appreciation by investing in other Avantis non-U.S. value ETFs. These underlying funds represent a broadly diversified basket of equity securities and seek to select or overweight securities expected to have higher returns or better risk characteristics than a passive, market-capitalization weighted index.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. Under normal market conditions, the fund will invest at least 80% of its assets in equity ETFs. The portfolio managers will strategically allocate to the underlying funds across geographies and investment styles to achieve the desired allocation. The portfolio managers regularly review the fund’s allocations to determine whether rebalancing is appropriate. To better balance risks in changing market environments and control costs and tax realizations, the portfolio managers may modestly reallocate within asset class target ranges. This may occur when prevailing market conditions and relative performance of certain underlying strategies lead to deviations from the targets.

Performance Review

For the period from the fund’s inception on June 27, 2023, through August 31, 2023, Avantis All International Markets Value ETF returned 2.25%* on a market price basis. On a net asset value (NAV) basis, the fund returned 2.26%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund outperformed the total international stock market, as measured by the MSCI ACWI ex USA IMI Value Index, which returned 2.00% for the reporting period. The index is an unmanaged index generally representative of the performance of large-, mid- and small-cap value stocks in non-U.S. developed and emerging markets.

*Total returns for periods less than one year are not annualized. Fund returns would have been lower if a portion of the fees had not been waived.


Fund Characteristics


AUGUST 31, 2023

Avantis All International Markets Value ETF
Types of Investments in Portfolio			% of net assets
International Equity Funds			99.9%
Short-Term Investments			0.1%
Other Assets and Liabilities			—(1)
(1) Category is less than 0.05% of total net assets.


Performance


Avantis Moderate Allocation ETF (AVMA)
Total Returns as of August 31, 2023
	Since Inception	Inception Date
Net Asset Value	2.09%	6/27/2023
Market Price	2.13%	6/27/2023
65% MSCI ACWI IMI Index/35% Bloomberg US Aggregate Gov/Credit 1-5 Year Index	1.67%	—
MSCI ACWI IMI Index	2.26%	—
Bloomberg US Aggregate Gov/Credit 1-5 Year Index	0.46%	—

Total Annual Fund Operating Expenses

0.23%


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong, Ted Randall and Matthew Dubin

Fund Strategy

Avantis Moderate Allocation ETF is a fund of funds that seeks long-term capital appreciation by investing in other Avantis equity and fixed income ETFs. These underlying funds represent a broadly diversified basket of stocks and bonds and seek to overweight securities expected to have higher returns or better risk characteristics than a passive, market-capitalization weighted index.

To identify securities with higher expected returns, the underlying equity funds collectively emphasize securities of companies with smaller market capitalizations and securities of companies it defines as high profitability or value companies. Conversely, the underlying equity funds collectively seek to underweight or exclude securities they expect to have lower returns. This includes securities of large companies with lower levels of profitability and higher prices relative to their book values or other financial metrics. The portfolio managers of the underlying fixed-income funds use factors such as industry sector, credit rating, duration, country and currency to categorize fixed-income securities into component groups. They calculate the expected return of securities in each component group by using information embedded in current yields and other valuation metrics.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers will allocate to the underlying funds across geographies and investment styles to achieve the desired allocation. Among equities, the U.S. versus non-U.S. allocations across geographies depend on each region’s relative market capitalization with a home bias toward the U.S. The portfolio managers regularly review the fund’s allocations to determine whether rebalancing is appropriate. To better balance risks in changing market environments and control costs and tax realizations, the portfolio managers may modestly reallocate within target asset class ranges. This may occur when prevailing market conditions and relative performance of certain underlying strategies lead to deviations from the targets.

Performance Review

For the period from the fund’s inception on June 27, 2023, through August 31, 2023, Avantis Moderate Allocation ETF returned 2.13%* on a market price basis. On a net asset value (NAV) basis, the fund returned 2.09%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund outperformed the broad world stock and U.S. bond markets, as measured by the 65% MSCI ACWI Investable Market Index (IMI)/35% Bloomberg U.S. Aggregate Government/Credit 1-5 Year Index, which returned 1.67% during the period. The index is an unmanaged index generally representative of the broad performance of developed and emerging markets stocks, including all capitalization categories, and U.S. investment-grade bonds with maturities of one to five years.

The fund’s relative outperformance was largely due to the fund’s collective overweight versus the index in equity securities from companies with the highest profitability and book-to-market characteristics, which outperformed. A corresponding underweight in companies with the lowest profitability and book-to-market characteristics, which underperformed, also aided relative results.

*Total returns for periods less than one year are not annualized. Fund returns would have been lower if a portion of the fees had not been waived.


Fund Characteristics


AUGUST 31, 2023

Avantis Moderate Allocation ETF
Types of Investments in Portfolio			% of net assets
Domestic Equity Funds			47.6%
Domestic Fixed Income Funds			33.0%
International Equity Funds			19.3%
Short-Term Investments			0.4%
Other Assets and Liabilities			(0.3)%


Shareholder Fee Examples

Fund shareholders may incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from March 1, 2023 to August 31, 2023 (except as noted).

Actual Expenses

The table provides information about actual account values and actual expenses for each fund. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the fund you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


	Beginning Account Value 3/1/23	Ending Account Value 8/31/23	Expenses Paid During Period(1) 3/1/23 - 8/31/23	Annualized Expense Ratio(1)
Avantis All Equity Markets ETF
Actual	$1,000	$1,061.00	$0.16	0.03%
Hypothetical	$1,000	$1,025.05	$0.15	0.03%
Avantis All Equity Markets Value ETF
Actual	$1,000	$1,038.90	$0.06(2)	0.03%
Hypothetical	$1,000	$1,025.05	$0.15	0.03%
Avantis All International Markets Equity ETF
Actual	$1,000	$1,015.00	$0.05(2)	0.03%
Hypothetical	$1,000	$1,025.05	$0.15	0.03%
Avantis All International Markets Value ETF
Actual	$1,000	$1,022.60	$0.05(2)	0.03%
Hypothetical	$1,000	$1,025.05	$0.15	0.03%
Avantis Moderate Allocation ETF
Actual	$1,000	$1,020.90	$0.05(2)	0.03%
Hypothetical	$1,000	$1,025.05	$0.15	0.03%

(1)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

(2)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 66, the number of days in the period from June 27, 2023 (fund inception) through August 31, 2023, divided by 365, to reflect the period. Had the fund been available for the full period, the expenses paid during the period would have been higher.


Schedules of Investments

AUGUST 31, 2023


Avantis All Equity Markets ETF
	Shares	Value
UNDERLYING FUNDS(1) — 99.9%
Domestic Equity Funds — 71.2%
Avantis Real Estate ETF	154,326	$	6,268,722
Avantis U.S. Equity ETF	1,239,563	95,136,460
Avantis U.S. Large Cap Value ETF	604,952	33,060,627
Avantis U.S. Small Cap Equity ETF	232,721	10,879,707
Avantis U.S. Small Cap Value ETF	138,025	11,206,249
		156,551,765
International Equity Funds — 28.7%
Avantis Emerging Markets Equity ETF	252,014	13,628,917
Avantis Emerging Markets Value ETF	205,912	9,058,069
Avantis International Equity ETF	392,384	22,546,385
Avantis International Large Cap Value ETF	233,206	11,412,495
Avantis International Small Cap Equity ETF	43,911	2,147,573
Avantis International Small Cap Value ETF	71,755	4,246,461
		63,039,900
TOTAL UNDERLYING FUNDS (Cost $206,262,181)		219,591,665
SHORT-TERM INVESTMENTS — 0.1%
Money Market Funds — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $204,610)	204,610	204,610
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $206,466,791)		219,796,275
OTHER ASSETS AND LIABILITIES†		12,520
TOTAL NET ASSETS — 100.0%		$	219,808,795


NOTES TO SCHEDULE OF INVESTMENTS

†Category is less than 0.05% of total net assets.

(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

See Notes to Financial Statements.

AUGUST 31, 2023


Avantis All Equity Markets Value ETF
	Shares	Value
UNDERLYING FUNDS(1) — 99.9%
Domestic Equity Funds — 60.6%
Avantis U.S. Large Cap Value ETF	135,136	$	7,385,183
Avantis U.S. Small Cap Value ETF	46,438	3,770,301
		11,155,484
International Equity Funds — 39.3%
Avantis Emerging Markets Value ETF	40,557	1,784,103
Avantis International Large Cap Value ETF	73,704	3,606,882
Avantis International Small Cap Value ETF	31,091	1,839,965
		7,230,950
TOTAL UNDERLYING FUNDS (Cost $18,306,818)		18,386,434
SHORT-TERM INVESTMENTS — 0.1%
Money Market Funds — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $16,149)	16,149	16,149
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $18,322,967)		18,402,583
OTHER ASSETS AND LIABILITIES†		2,628
TOTAL NET ASSETS — 100.0%		$	18,405,211


NOTES TO SCHEDULE OF INVESTMENTS

†Category is less than 0.05% of total net assets.

(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

See Notes to Financial Statements.

AUGUST 31, 2023


Avantis All International Markets Equity ETF
	Shares	Value
UNDERLYING FUNDS(1) — 99.9%
International Equity Funds — 99.9%
Avantis Emerging Markets Equity ETF	2,105	$	113,838
Avantis Emerging Markets Value ETF	1,735	76,323
Avantis International Equity ETF	4,575	262,879
Avantis International Large Cap Value ETF	2,705	132,376
Avantis International Small Cap Value ETF	910	53,854
TOTAL UNDERLYING FUNDS (Cost $647,893)		639,270
SHORT-TERM INVESTMENTS — 0.1%
Money Market Funds — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $540)	540	540
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $648,433)		639,810
OTHER ASSETS AND LIABILITIES†		(12)
TOTAL NET ASSETS — 100.0%		$	639,798


NOTES TO SCHEDULE OF INVESTMENTS

†Category is less than 0.05% of total net assets.

(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

See Notes to Financial Statements.

AUGUST 31, 2023


Avantis All International Markets Value ETF
	Shares	Value
UNDERLYING FUNDS(1) — 99.9%
International Equity Funds — 99.9%
Avantis Emerging Markets Value ETF	2,592	$	114,022
Avantis International Large Cap Value ETF	3,681	180,139
Avantis International Small Cap Value ETF	1,551	91,788
TOTAL UNDERLYING FUNDS (Cost $382,298)		385,949
SHORT-TERM INVESTMENTS — 0.1%
Money Market Funds — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $324)	324	324
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $382,622)		386,273
OTHER ASSETS AND LIABILITIES†		(7)
TOTAL NET ASSETS — 100.0%		$	386,266


NOTES TO SCHEDULE OF INVESTMENTS

†Category is less than 0.05% of total net assets.

(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

See Notes to Financial Statements.

AUGUST 31, 2023


Avantis Moderate Allocation ETF
	Shares	Value
UNDERLYING FUNDS(1) — 99.9%
Domestic Equity Funds — 47.6%
Avantis Real Estate ETF	997	$	40,498
Avantis U.S. Equity ETF	7,742	594,198
Avantis U.S. Large Cap Value ETF	3,787	206,960
Avantis U.S. Small Cap Equity ETF	1,457	68,115
Avantis U.S. Small Cap Value ETF	846	68,687
		978,458
Domestic Fixed Income Funds — 33.0%
Avantis Core Fixed Income ETF	11,105	453,195
Avantis Short-Term Fixed Income ETF	4,935	226,368
		679,563
International Equity Funds — 19.3%
Avantis Emerging Markets Equity ETF	1,614	87,285
Avantis Emerging Markets Value ETF	1,342	59,034
Avantis International Equity ETF	2,560	147,098
Avantis International Large Cap Value ETF	1,510	73,895
Avantis International Small Cap Value ETF	488	28,880
		396,192
TOTAL UNDERLYING FUNDS (Cost $2,049,433)		2,054,213
SHORT-TERM INVESTMENTS — 0.4%
Money Market Funds — 0.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $8,529)	8,529	8,529
TOTAL INVESTMENT SECURITIES — 100.3% (Cost $2,057,962)		2,062,742
OTHER ASSETS AND LIABILITIES — (0.3)%		(5,155)
TOTAL NET ASSETS — 100.0%		$	2,057,587


NOTES TO SCHEDULE OF INVESTMENTS

(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

See Notes to Financial Statements.


Statements of Assets and Liabilities


AUGUST 31, 2023
	Avantis All Equity Markets ETF		Avantis All Equity Markets Value ETF
Assets
Investment securities - affiliates, at value (cost of $206,262,181 and $18,306,818, respectively)	$	219,591,665	$	18,386,434
Investment securities - unaffiliated, at value (cost of $204,610 and $16,149, respectively)	204,610		16,149
Total investment securities, at value (cost of $206,466,791 and $18,322,967, respectively)	219,796,275		18,402,583
Receivable for capital shares sold	3,971,253		1,710,773
Interest receivable	879		56
Securities lending receivable	3,557		—
	223,771,964		20,113,412

Liabilities
Payable for investments purchased	3,957,929		1,707,829
Accrued management fees	5,240		372
	3,963,169		1,708,201

Net Assets	$	219,808,795	$	18,405,211

Shares outstanding (unlimited number of shares authorized)	3,605,000		350,000

Net Asset Value Per Share	$	60.97	$	52.59

Net Assets Consist of:
Capital paid in	$	206,551,033	$	18,325,595
Distributable earnings (loss)	13,257,762		79,616
	$	219,808,795	$	18,405,211

See Notes to Financial Statements.


AUGUST 31, 2023
	Avantis All International Markets Equity ETF		Avantis All International Markets Value ETF
Assets
Investment securities - affiliates, at value (cost of $647,893 and $382,298, respectively)	$	639,270	$	385,949
Investment securities - unaffiliated, at value (cost of $540 and $324, respectively)	540		324
Total investment securities, at value (cost of $648,433 and $382,622, respectively)	639,810		386,273
Interest receivable	2		1
	639,812		386,274

Liabilities
Accrued management fees	14		8

Net Assets	$	639,798	$	386,266

Shares outstanding (unlimited number of shares authorized)	12,500		7,500

Net Asset Value Per Share	$	51.18	$	51.50

Net Assets Consist of:
Capital paid in	$	648,421	$	382,615
Distributable earnings (loss)	(8,623)		3,651
	$	639,798	$	386,266

See Notes to Financial Statements.


AUGUST 31, 2023
	Avantis Moderate Allocation ETF
Assets
Investment securities - affiliates, at value (cost of $2,049,433)	$	2,054,213
Investment securities - unaffiliated, at value (cost of $8,529)	8,529
Total investment securities, at value (cost of $2,057,962)	2,062,742
Receivable for capital shares sold	128,715
Interest receivable	7
	2,191,464

Liabilities
Payable for investments purchased	133,846
Accrued management fees	31
	133,877

Net Assets	$	2,057,587

Shares outstanding (unlimited number of shares authorized)	40,000

Net Asset Value Per Share	$	51.44

Net Assets Consist of:
Capital paid in	$	2,051,785
Distributable earnings (loss)	5,802
	$	2,057,587

See Notes to Financial Statements.


Statements of Operations


PERIOD ENDED AUGUST 31, 2023
	Avantis All Equity Markets ETF(1)		Avantis All Equity Markets Value ETF(2)
Investment Income (Loss)
Income:
Income distributions from underlying funds	$	2,262,908	$	—
Securities lending, net	23,553		—
Interest	5,972		79
	2,292,433		79

Expenses:
Management fees	57,074		918
Trustees' fees and expenses	—		36
	57,074		954
Fees waived	(22,829)		(367)
	34,245		587

Net investment income (loss)	2,258,188		(508)

Realized and Unrealized Gain (Loss)
Sales of investments in underlying funds	455,735		—
Change in net unrealized appreciation (depreciation) on investments in underlying funds	13,329,484		79,616

Net realized and unrealized gain (loss)	13,785,219		79,616

Net Increase (Decrease) in Net Assets Resulting from Operations	$	16,043,407	$	79,108

(1)September 27, 2022 (fund inception) through August 31, 2023.

(2)June 27, 2023 (fund inception) through August 31, 2023.

See Notes to Financial Statements.


PERIOD ENDED AUGUST 31, 2023
	Avantis All International Markets Equity ETF(1)		Avantis All International Markets Value ETF(1)
Investment Income (Loss)
Income:
Interest	$	3	$	2

Expenses:
Management fees	33		25
Trustees' fees and expenses	2		1
	35		26
Fees waived	(13)		(10)
	22		16

Net investment income (loss)	(19)		(14)

Realized and Unrealized Gain (Loss)
Sales of investments in underlying funds	(3,929)		(5,632)
Change in net unrealized appreciation (depreciation) on investments in underlying funds	(8,623)		3,651

Net realized and unrealized gain (loss)	(12,552)		(1,981)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(12,571)	$	(1,995)

(1)June 27, 2023 (fund inception) through August 31, 2023.

See Notes to Financial Statements.


PERIOD ENDED AUGUST 31, 2023
	Avantis Moderate Allocation ETF(1)
Investment Income (Loss)
Income:
Income distributions from underlying funds	$	1,060
Interest	9
	1,069

Expenses:
Management fees	74
Trustees' fees and expenses	3
	77
Fees waived	(30)
	47

Net investment income (loss)	1,022

Change in net unrealized appreciation (depreciation) on investments in underlying funds	4,780

Net Increase (Decrease) in Net Assets Resulting from Operations	$	5,802

(1)June 27, 2023 (fund inception) through August 31, 2023.

See Notes to Financial Statements.


Statements of Changes in Net Assets


PERIOD ENDED AUGUST 31, 2023
	Avantis All Equity Markets ETF(1)		Avantis All Equity Markets Value ETF(2)
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	2,258,188	$	(508)
Net realized gain (loss)	455,735		—
Change in net unrealized appreciation (depreciation)	13,329,484		79,616
Net increase (decrease) in net assets resulting from operations	16,043,407		79,108

Distributions to Shareholders
From earnings	(2,251,161)		—

Capital Share Transactions
Proceeds from shares sold	212,007,588		18,326,103
Payments for shares redeemed	(5,991,039)		—
Net increase (decrease) in net assets from capital share transactions	206,016,549		18,326,103

Net increase (decrease) in net assets	219,808,795		18,405,211

Net Assets
End of period	$	219,808,795	$	18,405,211

Transactions in Shares of the Funds
Sold	3,710,000		350,000
Redeemed	(105,000)		—
Net increase (decrease) in shares of the funds	3,605,000		350,000

(1)September 27, 2022 (fund inception) through August 31, 2023.

(2)June 27, 2023 (fund inception) through August 31, 2023.

See Notes to Financial Statements.


PERIOD ENDED AUGUST 31, 2023
	Avantis All International Markets Equity ETF(1)		Avantis All International Markets Value ETF(1)
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(19)	$	(14)
Net realized gain (loss)	(3,929)		(5,632)
Change in net unrealized appreciation (depreciation)	(8,623)		3,651
Net increase (decrease) in net assets resulting from operations	(12,571)		(1,995)

Capital Share Transactions
Proceeds from shares sold	901,350		762,542
Payments for shares redeemed	(248,981)		(374,281)
Net increase (decrease) in net assets from capital share transactions	652,369		388,261

Net increase (decrease) in net assets	639,798		386,266

Net Assets
End of period	$	639,798	$	386,266

Transactions in Shares of the Funds
Sold	17,500		15,000
Redeemed	(5,000)		(7,500)
Net increase (decrease) in shares of the funds	12,500		7,500

(1)June 27, 2023 (fund inception) through August 31, 2023.

See Notes to Financial Statements.


PERIOD ENDED AUGUST 31, 2023
	Avantis Moderate Allocation ETF(1)
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,022
Change in net unrealized appreciation (depreciation)	4,780
Net increase (decrease) in net assets resulting from operations	5,802

Capital Share Transactions
Proceeds from shares sold	2,051,785

Net increase (decrease) in net assets	2,057,587

Net Assets
End of period	$	2,057,587

Transactions in Shares of the Fund
Sold	40,000

(1)June 27, 2023 (fund inception) through August 31, 2023.

See Notes to Financial Statements.


Notes to Financial Statements

AUGUST 31, 2023

1. Organization

American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Avantis All Equity Markets ETF, Avantis All Equity Markets Value ETF, Avantis All International Markets Equity ETF, Avantis All International Markets Value ETF and Avantis Moderate Allocation ETF (collectively, the funds) are five funds in a series issued by the trust. The funds each operate as a “fund of funds,” meaning substantially all of the funds' assets will be invested in a combination of Avantis exchange-traded funds (the underlying funds). Avantis All Equity Markets ETF, Avantis All Equity Markets Value ETF, Avantis All International Markets Equity ETF and Avantis All International Markets Value ETF underlying funds represent a broadly diversified basket of equity securities. Avantis Moderate Allocation ETF underlying funds represent a broadly diversified basket of equity and fixed income securities. The funds will assume the risks associated with the underlying funds. Additional information and attributes of each underlying fund are available at avantisinvestors.com. Each of the funds' investment objective is to seek long-term capital appreciation. Shares of the funds are listed for trading on the NYSE Arca, Inc. Avantis All Equity Markets ETF incepted on September 27, 2022. Avantis All Equity Markets Value ETF, Avantis All International Markets Equity ETF, Avantis All International Markets Value ETF and Avantis Moderate Allocation ETF incepted on June 27, 2023.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the funds are determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.

Open-end management investment companies are valued at the reported NAV. Exchange-traded funds are listed or traded on a domestic securities exchange and are valued at the last reported sales price or at the official closing price as provided by the exchange.

Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.

Investment Income — Income and capital gain distributions, if any, from the underlying funds are recorded as of the ex-dividend date. Long-term capital gain distributions, if any, from the underlying funds are a component of net realized gain (loss). Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Securities lending income is net of fees and rebates earned by the lending agent for its services.

Income Tax Status — It is each fund's policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The funds file U.S. federal, state, local and non-U.S. tax returns as applicable. The funds' tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid semiannually. Distributions from net realized gains, if any, are generally declared and paid annually.

Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business, the funds enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the funds pursuant to a Securities Lending Agreement. The lending of securities exposes the funds to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the funds in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the funds seek to increase their net investment income through the receipt of interest and fees. Such income is reflected separately within the Statements of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedules of Investments and Statements of Assets and Liabilities.

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.

Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the funds with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that ACIM will pay all expenses of managing and operating the funds, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses, extraordinary expenses and, in the case of certain funds, fees and expenses of the independent trustees (including legal counsel fees). The fee is computed and accrued daily based on the daily net assets of each fund and paid monthly in arrears. During the period ended August 31, 2023, the investment advisor agreed to waive 0.02% of each fund's management fee. The investment advisor expects this waiver to continue until June 21, 2024 for Avantis All Equity Markets Value ETF, Avantis All International Markets Equity ETF, Avantis All International Markets Value ETF and Avantis Moderate Allocation ETF and July 31, 2024 for Avantis All Equity Markets ETF and cannot terminate it prior to such date without the approval of the Board of Trustees.

The annual management fee and the effective annual management fee after waiver for each fund for the period ended August 31, 2023 are as follows:


		Effective Annual Management Fee
	Annual Management Fee	After Waiver
Avantis All Equity Markets ETF	0.05%	0.03%
Avantis All Equity Markets Value ETF	0.05%	0.03%
Avantis All International Markets Equity ETF	0.05%	0.03%
Avantis All International Markets Value ETF	0.05%	0.03%
Avantis Moderate Allocation ETF	0.05%	0.03%

Trustees' Fees and Expenses — The Board of Trustees is responsible for overseeing the investment advisor's management and operations of the funds. The trustees receive detailed information about the funds and their investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The funds' officers do not receive compensation from the funds.

Acquired Fund Fees and Expenses — Each fund will indirectly realize its pro rata share of the fees and expenses of the underlying funds in which it invests. These fees and expenses are already reflected in the valuation of the underlying funds.

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended August 31, 2023 were as follows:


	Avantis All Equity Markets ETF(1)	Avantis All Equity Markets Value ETF(2)	Avantis All International Markets Equity ETF(2)	Avantis All International Markets Value ETF(2)	Avantis Moderate Allocation ETF(2)
Purchases	$4,091,799	—	—	—	$14,020
Sales	$2,189,556	—	—	—	—

(1)September 27, 2022 (fund inception) through August 31, 2023.

(2)June 27, 2023 (fund inception) through August 31, 2023.

Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended August 31, 2023 were as follows:


	In kind Subscriptions	In kind Redemptions	In kind Net Realized Gain/(Loss)*
Avantis All Equity Markets ETF(1)	$207,915,725	$4,011,521	$534,484
Avantis All Equity Markets Value ETF(2)	$18,306,818	—	—
Avantis All International Markets Equity ETF(2)	$900,530	$248,709	$(3,928)
Avantis All International Markets Value ETF(2)	$761,828	$373,898	$(5,632)
Avantis Moderate Allocation ETF(2)	$2,035,413	—	—

*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.

(1)September 27, 2022 (fund inception) through August 31, 2023.

(2)June 27, 2023 (fund inception) through August 31, 2023.

5. Capital Share Transactions

Each fund’s shares may only be bought and sold in a secondary market through a broker-dealer at a market price. Because ETF shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). Each fund issues and redeems shares at their NAV only in aggregations of a specified number of shares (a creation unit) generally in exchange for a designated portfolio of securities and/or cash (including any portion of such securities for which cash may be substituted). Authorized participants may be required to pay an additional variable charge to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades resulting from creation unit transactions. Such variable charges, if any, are included in other capital within the Statements of Changes in Net Assets.

6. Fair Value Measurements

The funds' investment valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the funds. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.

•Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

•Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.

•Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.

As of period end, the funds' investment securities were classified as Level 1. The Schedules of Investments provide additional information on the funds' portfolio holdings.

7. Federal Tax Information

The tax character of distributions paid during the period ended August 31, 2023 were as follows:


	2023
	Distributions Paid From:
	Ordinary Income		Long-term Capital Gains
Avantis All Equity Markets ETF(1)	$	2,251,161	—
Avantis All Equity Markets Value ETF(2)	—		—
Avantis All International Markets Equity ETF(2)	—		—
Avantis All International Markets Value ETF(2)	—		—
Avantis Moderate Allocation ETF(2)	—		—

(1)September 27, 2022 (fund inception) through August 31, 2023.

(2)June 27, 2023 (fund inception) through August 31, 2023.

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

The reclassifications, which are primarily due to in kind transactions and net operating losses, were as follows:


	Avantis All Equity Markets ETF		Avantis All Equity Markets Value ETF		Avantis All International Markets Equity ETF		Avantis All International Markets Value ETF		Avantis Moderate Allocation ETF
Capital paid in	$	534,484	$	(508)	$	(3,948)	$	(5,646)	—
Distributable earnings (loss)	$	(534,484)	$	508	$	3,948	$	5,646	—

As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:


	Avantis All Equity Markets ETF		Avantis All Equity Markets Value ETF		Avantis All International Markets Equity ETF		Avantis All International Markets Value ETF		Avantis Moderate Allocation ETF
Federal tax cost of investments	$	206,466,958	$	18,322,967	$	648,433	$	382,622	$	2,057,962
Gross tax appreciation of investments	$	13,499,914	$	107,864	$	93	$	3,651	$	7,383
Gross tax depreciation of investments	(170,597)		(28,248)		(8,716)		—		(2,603)
Net tax appreciation (depreciation) of investments	$	13,329,317	$	79,616	$	(8,623)	$	3,651	$	4,780
Undistributed ordinary income	$	7,027	—		—		—		$	1,022
Accumulated short-term capital losses	$	(78,582)	—		—		—		—

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales for Avantis All Equity Markets ETF. The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes for Avantis All Equity Markets Value ETF, Avantis All International Markets Equity ETF, Avantis All International Markets Value ETF and Avantis Moderate Allocation ETF.

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.

8. Investments in Underlying Funds

The funds do not invest in the underlying funds for the purpose of exercising management or control; however, investments by the funds within their investment strategies may represent a significant portion of the underlying funds’ net assets. As of period end, All Equity Markets ETF owned 55% of the shares of

Avantis International Small Cap Equity ETF.

9. Risk Factors

The value of the funds’ shares will go up and down based on the performance of the underlying funds in which they invest. The value of the underlying funds’ shares will, in turn, fluctuate based on the performance of the securities they own and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the funds’ investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

10. Affiliated Fund Transactions

A summary of transactions for each underlying fund for the period ended August 31, 2023 follows:


Fund/Underlying Fund	Beginning Value	Purchase Cost		Sales Cost		Change in Net Unrealized Appreciation (Depreciation)		Ending Value		Ending Shares	Net Realized Gain (Loss)		Distributions Received(1)
Avantis All Equity Markets ETF (Amounts in thousands)
Avantis Real Estate ETF	—	$	6,495	$	108	$	(118)	$	6,269	154	$	11	$	79
Avantis U.S. Equity ETF	—	90,594		3,133		7,675		95,136		1,240	168		656
Avantis U.S. Large Cap Value ETF	—	31,671		546		1,936		33,061		605	85		303
Avantis U.S. Small Cap Equity ETF	—	10,596		175		459		10,880		233	25		57
Avantis U.S. Small Cap Value ETF	—	10,743		174		637		11,206		138	29		91
Avantis Emerging Markets Equity ETF	—	13,438		353		544		13,629		252	20		188
Avantis Emerging Markets Value ETF	—	8,953		237		342		9,058		206	13		148
Avantis International Equity ETF	—	22,138		678		1,086		22,546		392	56		410
Avantis International Large Cap Value ETF	—	11,012		207		608		11,413		233	37		238
Avantis International Small Cap Equity ETF	—	2,200		—		(52)		2,148		44	—		—
Avantis International Small Cap Value ETF	—	4,168		134		212		4,246		72	12		93
	—	$	212,008	$	5,745	$	13,329	$	219,592	3,569	$	456	$	2,263

(1)Distributions received includes distributions from net investment income and from capital gains, if any.


Fund/Underlying Fund	Beginning Value	Purchase Cost		Sales Cost	Change in Net Unrealized Appreciation (Depreciation)		Ending Value		Ending Shares	Net Realized Gain (Loss)	Distributions Received(1)
Avantis All Equity Markets Value ETF (Amounts in thousands)
Avantis U.S. Large Cap Value ETF	—	$	7,322	—	$	63	$	7,385	135	—	—
Avantis U.S. Small Cap Value ETF	—	3,731		—	39		3,770		46	—	—
Avantis Emerging Markets Value ETF	—	1,798		—	(14)		1,784		41	—	—
Avantis International Large Cap Value ETF	—	3,621		—	(14)		3,607		74	—	—
Avantis International Small Cap Value ETF	—	1,834		—	6		1,840		31	—	—
	—	$	18,306	—	$	80	$	18,386	327	—	—

(1)Distributions received includes distributions from net investment income and from capital gains, if any.


Fund/Underlying Fund	Beginning Value	Purchase Cost		Sales Cost		Change in Net Unrealized Appreciation (Depreciation)		Ending Value		Ending Shares	Net Realized Gain (Loss)		Distributions Received(1)
Avantis All International Markets Equity ETF (Amounts in thousands)
Avantis Emerging Markets Equity ETF	—	$	162	$	45	$	(3)	$	114	2	$	(1)	—
Avantis Emerging Markets Value ETF	—	108		30		(2)		76		2	—		—
Avantis International Equity ETF	—	370		104		(3)		263		5	(2)		—
Avantis International Large Cap Value ETF	—	185		52		(1)		132		3	(1)		—
Avantis International Small Cap Value ETF	—	75		21		—		54		1	—		—
	—	$	900	$	252	$	(9)	$	639	13	$	(4)	—

(1)Distributions received includes distributions from net investment income and from capital gains, if any.


Fund/Underlying Fund	Beginning Value	Purchase Cost		Sales Cost		Change in Net Unrealized Appreciation (Depreciation)		Ending Value		Ending Shares	Net Realized Gain (Loss)		Distributions Received(1)
Avantis All International Markets Value ETF (Amounts in thousands)
Avantis Emerging Markets Value ETF	—	$	227	$	113	—		$	114	3	$	(2)	—
Avantis International Large Cap Value ETF	—	355		177		$	2	180		4	(3)		—
Avantis International Small Cap Value ETF	—	179		89		2		92		2	(1)		—
	—	$	761	$	379	$	4	$	386	9	$	(6)	—

(1)Distributions received includes distributions from net investment income and from capital gains, if any.


Fund/Underlying Fund	Beginning Value	Purchase Cost		Sales Cost	Change in Net Unrealized Appreciation (Depreciation)		Ending Value		Ending Shares	Net Realized Gain (Loss)	Distributions Received(1)
Avantis Moderate Allocation ETF (Amounts in thousands)
Avantis Real Estate ETF	—	$	40	—	—		$	40	1	—	—
Avantis U.S. Equity ETF	—	589		—	$	5	594		8	—	—
Avantis U.S. Large Cap Value ETF	—	205		—	2		207		4	—	—
Avantis U.S. Small Cap Equity ETF	—	68		—	—		68		1	—	—
Avantis U.S. Small Cap Value ETF	—	68		—	1		69		1	—	—
Avantis Core Fixed Income ETF	—	453		—	—		453		11	—	$	1
Avantis Short-Term Fixed Income ETF	—	228		—	(1)		227		5	—	—
Avantis Emerging Markets Equity ETF	—	88		—	(1)		87		2	—	—
Avantis Emerging Markets Value ETF	—	59		—	—		59		1	—	—
Avantis International Equity ETF	—	148		—	(1)		147		3	—	—
Avantis International Large Cap Value ETF	—	74		—	—		74		2	—	—
Avantis International Small Cap Value ETF	—	29		—	—		29		—	—	—
	—	$	2,049	—	$	5	$	2,054	39	—	$	1

(1)Distributions received includes distributions from net investment income and from capital gains, if any.


Financial Highlights


For a Share Outstanding Throughout the Period Indicated
Per-Share Data								Ratios and Supplemental Data
		Income From Investment Operations*:						Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Distributions From Net Investment Income	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Operating Expenses (before expense waiver)(3)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate(4)	Net Assets, End of Period (in thousands)
Avantis All Equity Markets ETF
2023(5)	$50.01	1.07	10.88	11.95	(0.99)	$60.97	24.04%	0.03%(6)	0.05%(6)	1.98%(6)	1.96%(6)	2%	$219,809


Notes to Financial Highlights

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Ratio of operating expenses to average net assets and ratio of operating expenses before expense waiver to average net assets does not include any fees and expenses of the underlying funds.

(4)Excludes securities received or delivered in kind.

(5)September 27, 2022 (fund inception) through August 31, 2023.

(6)Annualized.

*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

See Notes to Financial Statements.


For a Share Outstanding Throughout the Period Indicated
Per-Share Data							Ratios and Supplemental Data
		Income From Investment Operations*:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Operating Expenses (before expense waiver)(3)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate(4)	Net Assets, End of Period (in thousands)
Avantis All Equity Markets Value ETF
2023(5)	$50.62	—(6)	1.97	1.97	$52.59	3.89%	0.03%(7)	0.05%(7)	(0.03)%(7)	(0.05)%(7)	0%	$18,405


Notes to Financial Highlights

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Ratio of operating expenses to average net assets and ratio of operating expenses before expense waiver to average net assets does not include any fees and expenses of the underlying funds.

(4)Excludes securities received or delivered in kind.

(5)June 27, 2023 (fund inception) through August 31, 2023.

(6)Per-share amount was less than $0.005.

(7)Annualized.

See Notes to Financial Statements.


For a Share Outstanding Throughout the Period Indicated
Per-Share Data							Ratios and Supplemental Data
		Income From Investment Operations*:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Operating Expenses (before expense waiver)(3)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate(4)	Net Assets, End of Period (in thousands)
Avantis All International Markets Equity ETF
2023(5)	$50.43	—(6)	0.75	0.75	$51.18	1.50%	0.03%(7)	0.05%(7)	(0.03)%(7)	(0.05)%(7)	0%	$640


Notes to Financial Highlights

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Ratio of operating expenses to average net assets and ratio of operating expenses before expense waiver to average net assets does not include any fees and expenses of the underlying funds.

(4)Excludes securities received or delivered in kind.

(5)June 27, 2023 (fund inception) through August 31, 2023.

(6)Per-share amount was less than $0.005.

(7)Annualized.

See Notes to Financial Statements.


For a Share Outstanding Throughout the Period Indicated
Per-Share Data							Ratios and Supplemental Data
		Income From Investment Operations*:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Operating Expenses (before expense waiver)(3)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate(4)	Net Assets, End of Period (in thousands)
Avantis All International Markets Value ETF
2023(5)	$50.37	—(6)	1.13	1.13	$51.50	2.26%	0.03%(7)	0.05%(7)	(0.03)%(7)	(0.05)%(7)	0%	$386


Notes to Financial Highlights

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Ratio of operating expenses to average net assets and ratio of operating expenses before expense waiver to average net assets does not include any fees and expenses of the underlying funds.

(4)Excludes securities received or delivered in kind.

(5)June 27, 2023 (fund inception) through August 31, 2023.

(6)Per-share amount was less than $0.005.

(7)Annualized.

See Notes to Financial Statements.


For a Share Outstanding Throughout the Period Indicated
Per-Share Data							Ratios and Supplemental Data
		Income From Investment Operations*:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Operating Expenses (before expense waiver)(3)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate(4)	Net Assets, End of Period (in thousands)
Avantis Moderate Allocation ETF
2023(5)	$50.39	0.06	0.99	1.05	$51.44	2.09%	0.03%(6)	0.05%(6)	0.69%(6)	0.67%(6)	0%	$2,058


Notes to Financial Highlights

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Ratio of operating expenses to average net assets and ratio of operating expenses before expense waiver to average net assets does not include any fees and expenses of the underlying funds.

(4)Excludes securities received or delivered in kind.

(5)June 27, 2023 (fund inception) through August 31, 2023.

(6)Annualized.

See Notes to Financial Statements.


Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of American Century ETF Trust

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Avantis® All Equity Markets ETF, Avantis® All Equity Markets Value ETF, Avantis® All International Markets Equity ETF, Avantis® All International Markets Value ETF, and Avantis® Moderate Allocation ETF, (the “Funds”), five of the funds constituting the American Century ETF Trust, as of August 31, 2023, the related statements of operations, the statements of changes in net assets, and the financial highlights for the periods indicated in the table below; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, and the results of their operations, the changes in their net assets, and the financial highlights for the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.


Individual Fund Constituting the American Century ETF Trust	Statement of Operations	Statements of Changes in Net Assets	Financial Highlights
Avantis® All Equity Markets ETF	For the period from September 27, 2022 (fund inception) through August 31, 2023
Avantis® All Equity Markets Value ETF	For the period from June 27, 2023 (fund inception) through August 31, 2023
Avantis® All International Markets Equity ETF
Avantis® All International Markets Value ETF
Avantis® Moderate Allocation ETF

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Kansas City, Missouri

October 17, 2023

We have served as the auditor of one or more American Century investment companies since 1997.


Management

The Board of Trustees

The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Trustees who are not also officers of the trust shall retire on December 31st of the year in which they reach their 75th birthday.

Jonathan S. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The following trustees also serve in this capacity for a number of other registered investment companies in the American Century Investments family of funds: Jonathan S. Thomas, 15; Jeremy I. Bulow, 8; and Stephen E. Yates, 7.

The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 330 Madison Avenue, New York, New York 10017. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.

Name
(Year of Birth)

Position(s) Held with Funds

Length of Time Served

Principal Occupation(s) During Past 5 Years

Number of American Century Portfolios Overseen by Trustee

Other Directorships Held During Past 5 Years

Independent Trustees

Reginald M. Browne
(1968)

Trustee and Board Chair

Since 2017 (Board Chair since 2019)

Principal, GTS Securities (automated capital markets trading firm) (2019 to present); Senior Managing Director, Co Global Head-ETF Group, Cantor Fitzgerald (financial services firm) (2013 to 2019)

None

Jeremy I. Bulow
(1954)

Trustee

Since 2022

Professor of Economics, Stanford University
Graduate School of Business (1979 to present)

None

Barry A. Mendelson
(1958)

Trustee

Since 2017

Retired

None

Stephen E. Yates
(1948)

Trustee

Since 2017

Retired

115

None

Interested Trustees

Jonathan S. Thomas
(1963)

Trustee

Since 2017

President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries

147

None

The Statement of Additional Information has additional information about the funds' trustees and is available without charge, upon request, by calling 1-800-345-6488.

Officers

The following table presents certain information about the executive officers of the funds. Each officer, except Cleo Chang, serves as an officer for each of the 16 investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each officer listed below is 4500 Main Street, Kansas City, Missouri 64111.


Name (Year of Birth)	Offices with the Funds	Principal Occupation(s) During the Past Five Years
Patrick Bannigan (1965)	President since 2019	Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries
R. Wes Campbell (1974)	Chief Financial Officer and Treasurer since 2018	Vice President, ACS (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton (1964)	Chief Compliance Officer and Vice President since 2017	Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS
John Pak (1968)	General Counsel and Vice President since 2021	General Counsel and Senior Vice President, ACC (2021 to present). Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management, The Bank of New York Mellon (2014 to 2021)
Cleo Chang (1977)	Vice President since 2019	Senior Vice President, ACIM (2015 to present)
David H. Reinmiller (1963)	Vice President since 2017	Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS
Ward D. Stauffer (1960)	Secretary since 2019	Attorney, ACS (2003 to present)


Approval of Management Agreements

Avantis All Equity Markets ETF

At a meeting held on June 21, 2023, the Fund’s Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Fund. Under the Investment Company Act of 1940 (the “Investment Company Act”), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s Trustees, including a majority of the independent Trustees.

Prior to its consideration of the renewal of the management agreement, the Trustees requested and reviewed extensive data and information compiled by the Advisor and certain independent data providers concerning the Fund. This review was in addition to the oversight and evaluation undertaken by the Board and its Audit Committee on a continual basis and the information received was supplemental to the extensive information that the Board and its Audit Committee receive and consider over time.

In connection with its consideration of the renewal of the management agreement, the Board’s review and evaluation of the services provided by the Advisor included, but was not limited to

•the nature, extent, and quality of investment management, shareholder services, distribution services, and other services provided to the Fund;

•the wide range of programs and services the Advisor and other service providers provide to the Fund and its shareholders on a routine and non-routine basis;

•the Fund’s investment performance compared to appropriate benchmarks and/or peer groups of other funds with similar investment objectives and strategies;

•the cost of owning the Fund compared to the cost of owning similarly-managed funds;

•the Advisor’s compliance policies, procedures, and regulatory experience and those of certain other service providers;

•the Advisor’s strategic plans, generally, and with respect to areas of heightened regulatory interest in the mutual fund industry and certain recent geopolitical and other issues;

•the Advisor’s business continuity plans, vendor management practices, and information security practices;

•the cost of services provided to the Fund, the profitability of the Fund to the Advisor, and the Advisor’s financial results of operation;

•possible economies of scale associated with the Advisor’s management of the Fund;

•any collateral benefits derived by the Advisor from the management of the Fund;

•fees and expenses associated with any investment by the Fund in other funds;

•payments to intermediaries by the Fund and the Advisor and services provided by intermediaries in connection therewith; and

•services provided and charges to the Advisor’s other investment management clients.

The independent Trustees met separately in private sessions to discuss the renewal and to review and discuss the information provided in response to their request. The independent Trustees also held active discussions with the Advisor regarding the renewal of the management agreement. The independent Trustees had the benefit of the advice of their independent counsel throughout the process.

Factors Considered

The Trustees considered all of the information provided by the Advisor, the independent data providers, and independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors.

In deciding to renew the management agreement, the Board based its decision on a number of factors, including without limitation the following:

Nature, Extent and Quality of Services — Generally. Under the Fund’s management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of the Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services which include the following:

•constructing and designing the Fund

•portfolio research and security selection

•initial capitalization/funding

•securities trading

•Fund administration

•custody of Fund assets

•daily valuation of the Fund’s portfolio

•liquidity monitoring and management

•risk management, including information security

•shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications

•legal services (except the independent Trustees’ counsel)

•regulatory and portfolio compliance

•financial reporting

•marketing and distribution (except amounts paid by the Fund under Rule 12b-1 plans)

Investment Management Services. The nature of the investment management services provided to the Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage the Fund in accordance with its investment objectives and principal investment strategies. Further, the Trustees recognize that the Advisor has an obligation to monitor trading activities, and in particular to seek the best execution of fund trades, and to evaluate the use of and payment for research. In providing these services, the Advisor utilizes teams of investment professionals who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board provides oversight of the investment performance process. It regularly reviews investment performance information for the Fund, together with comparative information for appropriate benchmarks over different time horizons. The Trustees also review investment performance information during the management agreement renewal process. If performance concerns are identified, the Board discusses with the Advisor the reasons for such results and any actions being taken to improve performance. The Board found the investment management services provided by the Advisor to the Fund to be satisfactory and consistent with the management agreement.

Shareholder and Other Services. Under the management agreement, the Advisor provides or arranges for a comprehensive package of services to the Fund. The Board, directly and through its Audit Committee, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including information security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to the Fund under the management agreement to be competitive and of high quality.

Costs of Services and Profitability. The Advisor provides detailed information concerning its cost of providing various services to the Fund, its profitability in managing the Fund (pre- and post-distribution), and its financial results of operation. The Trustees have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor’s financial condition, its ability to continue to provide services under the management

agreement, and the reasonableness of the terms of the current management agreement. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Fund.

Ethics. The Board generally considers the Advisor’s commitment to providing quality services to the Fund and to conducting its business ethically. They noted that the Advisor’s practices generally meet or exceed industry best practices.

Economies of Scale. The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of the Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is sharing economies of scale, to the extent they exist, through its fee structure and through reinvestment in its business, infrastructure, investment capabilities and initiatives to provide shareholders additional content and services.

Comparison to Other Funds’ Fees. The management agreement provides that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than brokerage and other transaction fees and expenses relating to acquisition and disposition of portfolio securities, acquired fund fees and expenses, taxes, interest, extraordinary expenses, fund litigation expenses, expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Investment Company Act Rule 12b-1, and, for certain funds, fees and expenses of the Fund’s independent Trustees (including their independent legal counsel). Under the unified fee structure, the Advisor is responsible for providing investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing and shareholder services, or arranging and supervising third parties to provide such services. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider comparing the Fund’s unified fee to the total expense ratios of its peers. The unified fee charged to shareholders of the Fund was the lowest of the total expense ratios of the Fund’s peer expense universe and its peer expense group. The Board concluded that the management fee paid by the Fund to the Advisor under its management agreement is reasonable in light of the services provided to the Fund.

Comparison to Fees and Services Provided to Other Clients of the Advisor. The Board also requested and received information from the Advisor concerning the nature of the services, fees, costs, and profitability of its advisory services to funds or other advisory clients managed similarly to the Fund. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Fund. The Board analyzed this information and concluded that the fees charged and services provided to the Fund were reasonable by comparison.

Payments to Intermediaries. The Trustees also requested and received a description of payments made to intermediaries by the Fund and the Advisor and services provided in response thereto. These payments could include various payments made by the Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for the Fund. The Trustees reviewed such information and received representations from the Advisor that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the possible existence of collateral benefits the Advisor may receive as a result of its relationship with the Fund. They concluded that the Advisor’s primary business is managing funds and it generally does not

use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that additional assets from other clients may offer the Advisor some benefit from increased leverage with prospective clients, service providers, and counterparties. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board concluded that appropriate allocation methodologies had been employed to assign resources and the cost of those resources to these other clients.

Existing Relationship. The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In this regard, the Board was mindful of the potential disruptions of the Fund’s operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationship. In particular, the Board recognized that most shareholders have invested in the Fund on the strength of the Advisor’s industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to the Fund.

Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and received over time, determined that the terms of the management agreement are fair and reasonable and that the management fee charged to the Fund is fair in light of the services provided and that the investment management agreement between the Fund and the Advisor should be renewed for an additional one-year period.

Avantis All Equity Markets Value ETF

Avantis All International Markets Equity ETF

Avantis All International Markets Value ETF

Avantis Moderate Allocation ETF

At a meeting held on March 15, 2023, the Funds’ Board of Trustees (the "Board") unanimously approved the initial management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Avantis All Equity Markets Value ETF, Avantis All International Markets Equity ETF, Avantis All International Markets Value ETF, and Avantis Moderate Allocation ETF (collectively the "New Funds"). Under the Investment Company Act of 1940, new contracts for investment advisory services are required to be approved by a majority of a fund’s independent Trustees.

In advance of the Board’s consideration, the Advisor provided information concerning the New Funds. The materials reviewed and the discussions held detailed the investment objective and strategy proposed to be utilized by the Advisor, the New Funds’ characteristics and key attributes, the rationale for launching the New Funds, the experience of the staff designated to manage the New Funds, the proposed pricing, and the markets in which the New Funds would be sold. The information considered and the discussions held included, but were not limited to:

•the nature, extent, and quality of investment management and other services to be provided to the New Funds;

•the wide range of other programs and services the Advisor would provide to each New Fund and its shareholders on a routine and non-routine basis;

•each New Fund’s proposed investment objective and strategy, including a discussion of its anticipated investment performance and proposed benchmark;

•the cost of owning each New Fund compared to the cost of owning similarly-managed funds;

•the Advisor’s compliance policies, procedures, and regulatory experience; and

•any collateral benefits derived by the Advisor from the management of the New Funds.

Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent data provider and comparing each New Fund’s fee to the total expense ratio of expected peer funds. The annual management fees charged to shareholders of each of the New Funds were anticipated to be below the median of the total expense ratios of their respective peer universe.

When considering the approval of the management agreement for the New Funds, the independent Trustees considered the entrepreneurial risk that the Advisor assumes in launching a new fund. In particular, they considered the fact that the Advisor will assume a substantial part of the start-up costs of the New Funds and the risk that the New Funds will not grow to a level that will become profitable to the Advisor. The Board considered the position that the New Funds would take in the lineup of the American Century Investments’ family of funds and the benefits to shareholders of existing funds of the broadened product offering. Finally, while not specifically discussed, but important in the decision to approve the management agreement, is the Trustees’ familiarity with the Advisor. A majority of the Board oversees and evaluates on a continuous basis the nature and quality of all services the Advisor performs for other funds within the American Century Investments’ complex. As such, the Trustees have confidence in the Advisor’s integrity and competence in providing services to the New Funds.

The independent Trustees considered all of the information provided by the Advisor and the independent Trustees’ independent counsel in connection with the approval, and evaluated such information for the New Funds. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. The independent Trustees concluded that the terms of the management agreement were fair and reasonable and that the management fee to be charged to the New Fund is reasonable in light of the services to be provided and should be approved.


Liquidity Risk Management Program

The Funds have adopted a liquidity risk management program (the “program”). The Funds' Board of Trustees (the "Board") has designated American Century Investment Management, Inc. (“ACIM”) as the administrator of the program. Personnel of ACIM or its affiliates, including members of ACIM’s Investment Oversight Committee who are members of ACIM’s Investment Management and Global Analytics departments, conduct the day-to-day operation of the program pursuant to the program.

Under the program, ACIM manages the Funds' liquidity risk, which is the risk that the Funds could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the Funds. This risk is managed by monitoring the degree of liquidity of the Funds' investments, limiting the amount of the Funds' illiquid investments, and utilizing various risk management tools and facilities available to the Funds for meeting shareholder redemptions, among other means. ACIM’s process of determining the degree of liquidity of certain investments held by the Funds are supported by a third-party liquidity assessment vendor.

The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period January 1, 2022 through December 31, 2022. No significant liquidity events impacting the Funds were noted in the report. In addition, ACIM provided its assessment that the program had been effective in managing the Funds' liquidity risk.


Additional Information

Retirement Account Information

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.

State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.

*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.

Proxy Voting Policies

A description of the policies that the funds' investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.

Quarterly Portfolio Disclosure

The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.

Other Tax Information

The following information is provided pursuant to provisions of the Internal Revenue Code.

Avantis All Equity Markets ETF hereby designates up to the maximum amount allowable as qualified dividend income for the fiscal year ended August 31, 2023.

For corporate taxpayers, Avantis All Equity Markets ETF hereby designates $1,108,327, or up to the maximum amount allowable, of ordinary income distributions paid during the fiscal year ended August 31, 2023 as qualified for the corporate dividends received deduction.

For the fiscal year ended August 31, 2023, Avantis All Equity Markets ETF intends to pass through to shareholders foreign source income of $235,589 and foreign taxes paid of $22,301, or up to the maximum amount allowable, as a foreign tax credit. Foreign source income and foreign tax expense per outstanding share on August 31, 2023 are $0.0654 and $0.0062, respectively.


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American Century ETF Trust

Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri
Distributor: Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc.

This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

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